Report: Art Van Weighing Options Including Bankruptcy, Liquidation
Troubling news from Detroit; business news publication Crain's Detroit Business (paywall) is reporting Art Van management is considering several options regarding its operating future. Among the options are bankruptcy, liquidation, and a sale back to its founding family, the Van Elslanders.
Private equity firm Thomas H. Lee Partners of Boston bought the Warren-based company in 2017, and in the past few years has seen a change in key executives. According to a wikipedia profile, Art Van has 200 stores, mostly Art Van furniture /Pure Sleep bedding stores, across the Midwest in Michigan, Ohio, Illinois, Indiana, Iowa, and Missouri and a e-commerce website, While the company has been a major success over the years, some partnerships have not panned out, such as one with Paul's TV.
Any decision on Art Van's fate will impact the state's economy. Art Van is not only one of the biggest retailers in the furniture industry, but also a major Michigan employer.